Crude falls for the week as Trump’s historic moves ‘write the script’ for oil in the short term
Oil futures climbed Friday from their lowest levels of the year, but...
Oil futures climbed Friday from their lowest levels of the year, but tallied a third straight weekly fall amid rising U.S. inventories and worries that the Trump administration’s higher tariffs on China will dent economic growth and demand for crude.
West Texas Intermediate crude for March delivery rose 39 cents, or nearly 0.6%, to $71 a barrel on the New York Mercantile Exchange — but prices for the front-month contract lost 2.1% for the week, according to Dow Jones Market Data.
April Brent crude the global benchmark, added 37 cents, or 0.5%, at $74.66 a barrel on ICE Futures Europe, for a weekly decline of 1.3%.
March gasoline tacked on 1.5% to $2.11 a gallon, up 2.2% for the week, while March heating oil climbed 1.4% to $2.43 a gallon, for a weekly rise of 1.4%.
Natural gas for Marchdelivery settled at $3.31 per million British thermal units, down 2.9% for the session but posting a weekly rise of 8.7%.
U.S. stocks end lower Friday, booking weekly losses amid tariff worries
U.S. stocks closed lower Friday, with major indexes booking...
U.S. stocks closed lower Friday, with major indexes booking weekly losses as investors appeared concerned that President Donald Trump will announce reciprocal tariffs next week.
The Dow Jones Industrial Average fell 444.23 points Friday, or 1%, to close at 44,303.40.
The S&P 500 dropped 57.58 points, or 0.9%, to finish at 6,025.99.
The Nasdaq Composite shed 268.59 points, or 1.4%, to end at 19,523.40.
Beyond anticipated developments on the tariff front, investors also weighed on Friday a consumer-sentiment survey showing a jump in inflation expectations in the next year. Interest rates in the bond market climbed Friday, with the yield on the 10-year Treasury note rising 4.6 basis points to 4.483%, according to Dow Jones Market Data.
All three major U.S. equities benchmarkshad weekly losses, with the Dow falling 0.5%, the S&P 500 shedding 0.2% and the Nasdaq retreating 0.5%.
Last week, Mach closed Jan. 31 on its $29.8 million purchase...
Last week, Mach closed Jan. 31 on its $29.8 million purchase of oil and gas assets—the so-called Flycatcher assets—located near the Ardmore Basins assets Mach bought last year. The effective date is Oct. 1, 2024.
The Flycatcher acquisition includes total proved reserves of 9.6 MMBoe with total PV-10 of $67.3 million as of Dec. 31 based on strip pricing as of Jan. 15; based on Securities and Exchange Commission pricing, the total proved reserves were recorded at 9.6 MMBoe as of Dec. 31 with total PV-10 of $63.6 million.
The total proved reserves mix is 60% liquids and 40% natural gas. The acquisition boosted Mach’s total leasehold and mineral acreage to 1,046,662 net acres.
Energy Secretary Chris Wright has directed the Energy Department to abandon...
Energy Secretary Chris Wright has directed the Energy Department to abandon net-zero goals in favor of maximizing US energy production. Consistent with President Donald Trump's executive actions, the order outlines plans to fast-track permits, fortify the power grid, increase nuclear capacity and replenish strategic oil reserves.
Colombia's president presses Ecopetrol to exit US fracking
Colombian President Gustavo Petro has directed state oil company Ecopetrol...
Colombian President Gustavo Petro has directed state oil company Ecopetrol to sell its US fracking operations, including its newly extended joint venture with Occidental Petroleum in the Permian Basin, and reinvest the money in clean energy. The decision disrupts Ecopetrol and Oxy's plan to invest more than $880 million in 91 new oil Permian wells.
